HAYWARD, Calif.--(BUSINESS WIRE)--Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) today reported record sales and profits for the fourth quarter and year ended December 31, 2015.
Net sales in the fourth quarter were $9,044,580, an increase of 16% from the $7,793,293 posted in 2014’s fourth quarter. Pre-tax profit from continuing operations for the same period in 2015 was $1,376,184, compared to 2014’s fourth quarter profit of $1,185,039, an increase of 16%. Net income for the fourth quarter of 2015 reached $954,237, up 10% from $868,034 in net income from the same period last year. Earnings per share for the fourth quarter of 2015 was $0.030 compared to $0.027 in 2014, an increase of 11%.
For the twelve months ended December 31, 2015, net sales were $34,686,441, up 10% from the $31,461,816 reported in calendar year 2014. Income from continuing operations before taxes rose 6%, from $6,046,747 a year ago to $6,397,271 in 2015. Net income for the year ended December 31, 2014 amounted to $3,847,176, compared to $4,031,138 in 2015, an increase of 5%. Basic income per common share for 2015 amounted to $0.126, versus $0.120 in 2014, an increase of 5%. All annual 2015 numbers reported above are new records for the seventh year in a row.
Edmond J. Pera, President and CEO stated, “We are very pleased with our strong fourth quarter results and continued annual growth.”
Pera continued, “On-going growth in sales within our domestic markets fueled the year over year increase in our quarterly and annual performance. Fourth quarter sales in our Asian markets picked up significant momentum over the previous quarter this year. We continued to spend aggressively in promotional investments to increase our US market share and profitability in the short and long term.”
Pera concluded, “We are cautiously optimistic about our sales and profitability in 2016. The sales pipeline in our US markets appears strong, and we are working on several exciting and significant projects. Preliminary indications for the first quarter of 2016 show that orders for delivery to our Asian markets are trending higher than the same period last year. However, given the current weak economic environment in that part of the world, and the strong dollar, we remain guarded with regard to our longer term outlook in those markets. Our cash position remains healthy and is significantly higher than it was in the same period last year. To meet expected higher demand we are in the process of making significant investments to increase our manufacturing capacity. At the same time we are on track to fully pay off our long term debt before the end of the second quarter in 2017.”
Armanino Foods of Distinction, Inc. is an international food company that manufactures and markets frozen Italian specialty food items such as pestos, sauces and filled pastas to the foodservice, retail, and industrial markets. In addition to a classic Basil Pesto Armanino offers other flavors such as Cilantro, Dried Tomato & Garlic, Roasted Red Bell Pepper, Southwest Chipotle, Artichoke, Roasted Garlic, Light Basil Pesto, Alfredo sauce, and Bolognese sauce. Armanino’s Organic line includes classic Basil Pesto. Frozen pastas and meatballs are also offered by Armanino Foods.
| Armanino Foods of Distinction, Inc. | ||||||
| Results for the Quarter Ended 12/31/15 (Unaudited) | ||||||
|
2015 |
2014 |
|||||
| Net Sales | $ | 9,044,580 | $ | 7,793,293 | ||
| Income From Cont. Operations Before Taxes | $ | 1,376,184 | $ | 1,185,039 | ||
| Net Income | $ | 954,237 | $ | 868,034 | ||
| Basic Income Per Common Share | $ | 0.030 | $ | 0.027 | ||
| Weighted Average Common Shares Outstanding | 32,065,645 | 32,065,645 | ||||
| Diluted Income/(Loss) Per Common Share | $ | 0.030 | $ | 0.027 | ||
| Diluted Weighted Average Common Shares Outstanding | 32,065,645 | 32,065,645 | ||||
| Results for 12-Months Ending 12/31/15 (Unaudited) | ||||||
|
2015 |
2014 |
|||||
| Net Sales | $ | 34,686,441 | $ | 31,461,816 | ||
| Income From Cont. Operations Before Taxes | $ | 6,397,271 | $ | 6,046,747 | ||
| Net Income | $ | 4,031,138 | $ | 3,847,176 | ||
| Basic Income Per Common Share | $ | 0.126 | $ | 0.120 | ||
| Weighted Average Common Shares Outstanding | 32,065,645 | 32,065,645 | ||||
| Diluted Income/(Loss) Per Common Share | $ | 0.126 | $ | 0.120 | ||
| Diluted Weighted Average Common Shares Outstanding | 32,065,645 | 32,065,645 | ||||
This press release contains forward-looking statements within the meaning of U.S. securities laws, including statements regarding the Company’s goals and growth prospects. These forward looking statements are subject to certain risks and uncertainties that could cause the actual results to differ materially from those projected, including general economic conditions, fluctuations in customer demand, competitive factors such as pricing pressures on existing products, and the timing and market acceptance of new product introductions, the Company’s ability to achieve manufacturing efficiencies necessary for profitable sales at current pricing, and the risk factors listed from time-to-time in the Company’s annual and quarterly reports. The Company assumes no obligation to update the information included in this press release.
The best source of information on the company is the OTC Markets website http://www.otcmarkets.com/stock/amnf/company-info or the Company website http://www.armaninofoods.com
